BUSINESS

Attracting investment in clean technology

Special Correspondent

NEW DELHI: Australia and India are on the verge of entering into a “great economic” partnership said John McCarthy, the Australian High Commissioner to India.

Addressing the second India Cleantech Forum organised by the Confederation of Indian Industry, he said that the success of the partnership “depends on how we promote growth today to tackle the central issues of climate change, sustainability and clean technologies which will be discussed in the forum today”.

He pointed out that India and Australia place climate change and sustainable development at the core of policy issues and that the two nations, collaborated though partnerships like the Asia Pacific Partnership for clean development and climate change, had built a fund for strategic research besides engaging in other collaborations to build markets for renewable energy and clean technologies.

Earlier delivering the key note address at the inaugural session, Fred R. Buenrostro, Former Chief Executive Officer of CalPERS, America’s largest pension fund, said that asset allocations to clean technologies in emerging markets was on the rise and that emerging economies such as India, attracting institutional investors from developed countries such as the U.S., could be the showcase economies relying on renewable energy and clean-tech.

Talking about the immense growth opportunities in new investment areas of clean technologies and renewable energy such as wind technology, solar technology, and bio-fuels amongst others, Chris Greenwood, Director of New Energy Finance, U.K., said that the investments in the clean technology sector would reach $10 billion a week by 2030.

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